Goldman Sachs Group Inc SEC Filings

GS Finance Corp., guaranteed by The Goldman Sachs Group, is offering zero-coupon notes linked to the common stock of Blackstone Inc. The notes mature on an expected February 1, 2029, unless automatically called on an expected January 28, 2027.

The notes pay no interest. If on the call observation date Blackstone’s stock closes at least 90% of the initial price, the notes are automatically redeemed for $1,197 per $1,000 face amount, capping the return. If not called, at maturity investors receive $1,000 plus 200% of any positive stock return, full principal back if the stock has not fallen more than 25%, and a one-for-one loss beyond that buffer, with the potential to lose the entire investment.

The notes are unsecured obligations of GS Finance Corp. with a guarantee from The Goldman Sachs Group, and are subject to both entities’ credit risk. The estimated value on the trade date is expected between $925 and $955 per $1,000, reflecting fees, structuring costs and dealer economics, and may differ from any secondary market price.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing autocallable contingent coupon equity-linked notes due 2029 tied to the Class A common stock of Strategy Inc (MSTR UW). These notes pay a quarterly coupon only if the stock is at or above 50% of its initial level on each observation date.

The notes may be automatically called if the stock is at or above its initial level on specified call observation dates, in which case investors receive their $1,000 principal per note plus the due coupon. If held to maturity and not called, investors receive full principal back only if the final stock level is at least 50% of the initial level; below that, repayment falls in line with the stock’s percentage decline and can drop to zero.

The structure offers high contingent coupons based on a formula using $64.375 per observation date but provides no upside above par and exposes investors to full downside in the underlier beyond the 50% buffer, as well as the credit risk of GS Finance Corp. and its parent. The notes are unsecured, not FDIC-insured, not listed on any exchange, may have limited liquidity, and involve complex, uncertain U.S. tax treatment.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering autocallable contingent coupon equity-linked notes due 2029 linked to the common stock of NVIDIA Corporation. These notes are unsecured obligations and are not bank deposits or FDIC insured.

Investors receive a potential quarterly coupon only if NVIDIA’s closing level on each observation date is at least 60% of the initial level. The coupon formula uses $33.75 per $1,000 face amount per elapsed observation date, minus any coupons already paid. If NVIDIA is below the trigger on an observation date, the coupon for that quarter is $0.

The notes can be automatically called starting July 30, 2026 if NVIDIA’s closing level on a call observation date is at or above the initial level. In that case, holders receive $1,000 per $1,000 face amount plus the coupon then due, and the investment ends early.

If the notes are not called, the maturity payment depends on NVIDIA’s level on the January 30, 2029 determination date. If the final level is at least 60% of the initial level, investors receive full principal back (plus any final coupon). If it is below 60%, repayment is reduced in line with the underlier return, and investors can lose up to 100% of principal.

The document highlights that the notes’ estimated value on the trade date, based on Goldman Sachs & Co. LLC’s pricing models, is less than the original issue price, reflecting underwriting discounts, a structuring fee and other costs. Market value can be affected by NVIDIA’s volatility, interest rates, and the creditworthiness of GS Finance Corp. and The Goldman Sachs Group, Inc.

Additional risk factors include the possibility of receiving no coupons, sensitivity of returns to small moves below the 60% buffer, lack of shareholder rights in NVIDIA, potential illiquidity in any secondary market, conflicts of interest for the underwriter, and uncertain U.S. federal tax treatment, including potential FATCA and withholding for non-U.S. holders.

Goldman Sachs’ GS Finance Corp. is offering principal-at-risk “Jump Securities” due February 1, 2029, linked to the worst performer of the S&P 500, S&P MidCap 400 and EURO STOXX 50 indexes. The unsecured notes are guaranteed by The Goldman Sachs Group, Inc.

The securities may be automatically called on call observation dates in 2027 and 2028 if each index is at or above its initial level. In that case, investors receive $1,000 per note plus a fixed premium of at least 14.45% or 28.90%, depending on when called, and no further payments.

If not called, at maturity investors receive $1,000 plus at least a 43.35% premium if every index is at or above its initial level, $1,000 back if each index is at or above 80% of its initial level, or a reduced amount proportional to the worst index’s decline if any falls below that downside threshold, which can result in a total loss of principal. Investors do not receive dividends or participate in any index gains beyond these caps, and the notes are exposed to Goldman Sachs credit risk.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering equity-linked notes tied to an equally weighted basket of eight U.S.-listed energy, infrastructure and technology-related stocks. Each note has a $1,000 face amount and pays no periodic interest.

The notes can be automatically called in February 2027 if the basket level is at or above its initial level, paying at least $1,165.5 per $1,000. If not called, holders in 2028 get enhanced upside at a 125% participation rate, full principal protection down to a 15% basket decline, and then buffered downside that can still lead to substantial losses, up to losing the entire investment.

The structure includes complex anti-dilution and market disruption adjustments and is subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc. The estimated initial value is expected between $900 and $930 per $1,000 face amount.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering unsecured, zero‑coupon notes whose payout depends on an equally weighted basket of five large healthcare stocks: AbbVie, Boston Scientific, Eli Lilly, Regeneron Pharmaceuticals and UnitedHealth Group.

The notes pay no interest and may be automatically called if, on the call observation date, the basket level is at or above its initial level of 100, in which case investors receive at least $1,114.5 per $1,000 face amount on the call payment date. If not called, the maturity payment depends on basket performance: investors participate at a 125% upside participation rate when the basket finishes above its initial level, receive full principal back if the basket decline is up to 15%, and incur losses beyond that, with a buffer rate of approximately 117.65% applied to losses below the 85% buffer level. The estimated initial value is expected to be between $900 and $930 per $1,000, reflecting embedded fees and hedging costs, and investors face full issuer and guarantor credit risk, as well as market, volatility and liquidity risks.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., plans to issue no-coupon structured notes linked to Alphabet, Meta Platforms and NVIDIA. The notes may be automatically called on a call observation date expected in January 2028 if each stock closes at or above 90% of its initial price, paying $1,215 per $1,000 face amount on the call payment date. If not called, at maturity in February 2031 investors receive cash based on the worst-performing stock: if all three finish above their initial prices, the return equals 1.25× the lesser performing stock’s gain; if any finishes at or below its initial price, investors only get the $1,000 face amount. The notes do not pay interest, carry full credit risk of GS Finance Corp. and the guarantor, and have an estimated initial value between $885 and $935 per $1,000 face amount.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering leveraged buffered notes linked to the S&P 500^® Futures Excess Return Index, which tracks E-mini S&P 500 futures rather than the cash S&P 500 Index. The notes pay no interest and return a cash amount at maturity based on index performance from the trade date to the determination date.

If the final index level is above the initial level, holders receive $1,000 plus at least 151.25% of the index gain. If the index falls but stays at or above 90% of the initial level, investors receive the $1,000 face amount. Below this 10% buffer, principal is reduced dollar-for-dollar with further declines, and investors can lose a substantial portion of their investment.

The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor. Key risks highlighted include the estimated value being lower than the issue price, potentially limited or no secondary market, sensitivity to interest rates and volatility, structural risks from futures pricing and negative roll yield, lack of any rights in the underlying stocks or futures, tax uncertainty, and conflicts of interest as Goldman Sachs & Co. LLC acts as underwriter and market maker.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering medium-term market-linked notes tied to the iShares® Bitcoin Trust ETF. Each security has a $1,000 face amount, no periodic interest, no principal protection and is designed to be held to March 2, 2028 unless it is called early.

The notes can be automatically called on March 4, 2027 if the ETF’s closing price is at or above the starting price, paying $1,000 plus a call premium of at least 25%. If not called, at maturity investors get: 150% of any ETF price increase; a positive “contingent absolute return” up to 25% if the ETF is flat or down by no more than 25%; or 1‑for‑1 downside if the ETF falls more than 25%, with up to 100% loss of principal. The threshold price is 75% of the starting price. The issuer’s estimated value is $900–$930 per $1,000, below the $1,000 offering price, reflecting fees and structuring costs. All payments depend on the credit of GS Finance Corp. and The Goldman Sachs Group, Inc., and the notes are exposed to the significant volatility and regulatory risks of bitcoin via the ETF.